NY State Assembly Bill 2023-A6638A

Current Bill Status - In Assembly Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 06, 2024	print number 6638a
Feb 06, 2024	amend and recommit to governmental employees
Jan 03, 2024	referred to governmental employees
Apr 25, 2023	referred to governmental employees

Bill Amendments

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A (Active)

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2023-A6638 - Details

See Senate Version of this Bill:: S6252
Current Committee:: Assembly Governmental Employees
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§78-a & 378-a, R & SS L; amd §532-a, Ed L; amd §13-696, NYC Ad Cd
Versions Introduced in 2021-2022 Legislative Session:: A9994, S6060

2023-A6638 - Summary

Provides cost-of-living adjustments for certain public retirees, including an adjusted benefit in monthly installments that is equal to the percentage of the change in consumer price index according to the included schedule.

2023-A6638 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6638
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 25, 2023
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Governmental Employees
 
 AN ACT to amend the retirement and social security  law,  the  education
   law  and  the administrative code of the city of New York, in relation
   to providing cost-of-living adjustments

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Subdivision f of section 78-a of the retirement and social
 security law, as added by chapter 125 of the laws of 2000, is amended to
 read as follows:
   f. Commencing September first, two thousand, all retired  members  who
 have  retired  prior  to the calendar year nineteen hundred ninety-seven
 and who meet the eligibility criteria set forth in subdivision a of this
 section shall be paid an adjusted benefit in monthly installments on the
 basis provided for in this subdivision. Said adjusted benefit  shall  be
 equal  to  a percentage of the change in consumer price index (all urban
 consumers, CPI-U, U.S. city average, all items, 1982-84=100),  published
 by  the United States bureau of labor statistics, measured from the year
 of  retirement  through  calendar  year  nineteen  hundred  ninety-seven
 according to the following schedule:
 
       Year of retirement                     Percentage
       1968 through 1996                      50%
       1966 and 1967                          55%
       1965                                   60%
       1964                                   65%
       1963                                   70%
       1962                                   80%
       1961                                   90%
       prior to 1961                          100%
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08541-02-3
 A. 6638                             2

 Said  adjusted benefit shall be computed on a base benefit amount not to
 exceed eighteen thousand dollars of the retirement  allowance  otherwise
 payable,  computed  without  optional modification. Any benefit received
 pursuant to this subdivision shall be in lieu of  any  benefit  received
 pursuant to section seventy-eight of this title.
   COMMENCING  SEPTEMBER  FIRST,  TWO  THOUSAND TWENTY-THREE, ALL RETIRED
 MEMBERS WHO HAVE RETIRED PRIOR TO THE  CALENDAR  YEAR  NINETEEN  HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION  A  OF  THIS  SECTION  SHALL BE PAID AN ADJUSTED BENEFIT IN MONTHLY
 INSTALLMENTS ON  THE  BASIS  PROVIDED  FOR  IN  THIS  SUBDIVISION.  SAID
 ADJUSTED BENEFIT SHALL BE EQUAL TO A PERCENTAGE OF THE CHANGE IN CONSUM-
 ER  PRICE  INDEX  (ALL  URBAN  CONSUMERS,  CPI-U, U.S. CITY AVERAGE, ALL
 ITEMS, 1982-84=100), PUBLISHED BY THE  UNITED  STATES  BUREAU  OF  LABOR
 STATISTICS,  MEASURED  FROM THE YEAR OF RETIREMENT THROUGH CALENDAR YEAR
 NINETEEN HUNDRED NINETY-SEVEN ACCORDING TO THE FOLLOWING SCHEDULE:
 
       YEAR OF RETIREMENT                     PERCENTAGE
       1973 THROUGH 1996                      50%
       1971 AND 1972                          55%
       1970                                   60%
       1969                                   65%
       1968                                   70%
       1967                                   80%
       1966                                   90%
       PRIOR TO 1966                          100%
 SAID ADJUSTED BENEFIT COMMENCING SEPTEMBER FIRST, TWO  THOUSAND  TWENTY-
 THREE,  SHALL  BE  COMPUTED ON THE BASE BENEFIT AMOUNT OF THE RETIREMENT
 ALLOWANCE OTHERWISE PAYABLE, COMPUTED WITHOUT OPTIONAL MODIFICATION, SET
 FORTH HEREIN ABOVE. ANY BENEFIT RECEIVED PURSUANT  TO  THIS  SUBDIVISION
 SHALL  BE  IN  LIEU OF ANY BENEFIT RECEIVED PURSUANT TO SECTION SEVENTY-
 EIGHT OF THIS TITLE.
   § 2. Subdivision f of section 378-a of the retirement and social secu-
 rity law, as added by chapter 125 of the laws of  2000,  is  amended  to
 read as follows:
   f.  Commencing  September first, two thousand, all retired members who
 have retired prior to the calendar year  nineteen  hundred  ninety-seven
 and who meet the eligibility criteria set forth in subdivision a of this
 section shall be paid an adjusted benefit in monthly installments on the
 basis  provided  for in this subdivision. Said adjusted benefit shall be
 equal to a percentage of the change in consumer price index  (all  urban
 consumers,  CPI-U, U.S. city average, all items, 1982-84=100), published
 by the United States bureau of labor statistics, measured from the  year
 of  retirement  through  calendar  year  nineteen  hundred  ninety-seven
 according to the following schedule:
 
       Year of retirement                     Percentage
       1968 through 1996                      50%
       1966 and 1967                          55%
       1965                                   60%
       1964                                   65%
       1963                                   70%
       1962                                   80%
       1961                                   90%
       prior to 1961                          100%
 Said adjusted benefit shall be computed on a base benefit amount not  to
 exceed  eighteen  thousand dollars of the retirement allowance otherwise
 A. 6638                             3
 
 payable, computed without optional modification.  Any  benefit  received
 pursuant  to  this  subdivision shall be in lieu of any benefit received
 pursuant to section three hundred seventy-eight of this title.
   COMMENCING  SEPTEMBER  FIRST,  TWO  THOUSAND TWENTY-THREE, ALL RETIRED
 MEMBERS WHO HAVE RETIRED PRIOR TO THE  CALENDAR  YEAR  NINETEEN  HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION  A  OF  THIS  SECTION  SHALL BE PAID AN ADJUSTED BENEFIT IN MONTHLY
 INSTALLMENTS ON  THE  BASIS  PROVIDED  FOR  IN  THIS  SUBDIVISION.  SAID
 ADJUSTED BENEFIT SHALL BE EQUAL TO A PERCENTAGE OF THE CHANGE IN CONSUM-
 ER  PRICE  INDEX  (ALL  URBAN  CONSUMERS,  CPI-U, U.S. CITY AVERAGE, ALL
 ITEMS, 1982-84=100), PUBLISHED BY THE  UNITED  STATES  BUREAU  OF  LABOR
 STATISTICS,  MEASURED  FROM THE YEAR OF RETIREMENT THROUGH CALENDAR YEAR
 NINETEEN HUNDRED NINETY-SEVEN ACCORDING TO THE FOLLOWING SCHEDULE:
       YEAR OF RETIREMENT                     PERCENTAGE
       1973 THROUGH 1996                          50%
       1971 AND 1972                              55%
       1970                                       60%
       1969                                       65%
       1968                                       70%
       1967                                       80%
       1966                                       90%
       PRIOR TO 1966                             100%
 
 SAID ADJUSTED BENEFIT COMMENCING SEPTEMBER FIRST, TWO  THOUSAND  TWENTY-
 THREE,  SHALL  BE  COMPUTED ON THE BASE BENEFIT AMOUNT OF THE RETIREMENT
 ALLOWANCE OTHERWISE PAYABLE, COMPUTED WITHOUT OPTIONAL MODIFICATION, SET
 FORTH HEREIN ABOVE. ANY BENEFIT RECEIVED PURSUANT  TO  THIS  SUBDIVISION
 SHALL  BE  IN  LIEU  OF  ANY  BENEFIT RECEIVED PURSUANT TO SECTION THREE
 HUNDRED SEVENTY-EIGHT OF THIS TITLE.
   § 3. Subdivision f of section 532-a of the education law, as added  by
 chapter 125 of the laws of 2000, is amended to read as follows:
   f.  Commencing  September first, two thousand, all retired members who
 have retired prior to the calendar year  nineteen  hundred  ninety-seven
 and who meet the eligibility criteria set forth in subdivision a of this
 section shall be paid an adjusted benefit in monthly installments on the
 basis  provided  for in this subdivision. Said adjusted benefit shall be
 equal to a percentage of the change in consumer price index  (all  urban
 consumers,  CPI-U, U.S. city average, all items, 1982-84=100), published
 by the United States bureau of labor statistics, measured from the  year
 of  retirement  through  calendar  year  nineteen  hundred  ninety-seven
 according to the following schedule:
       Year of retirement                     Percentage
       1968 through 1996                      50%
       1966 and 1967                          55%
       1965                                   60%
       1964                                   65%
       1963                                   70%
       1962                                   80%
       1961                                   90%
       prior to 1961                          100%
 Said adjusted benefit shall be computed on a base benefit amount not  to
 exceed  eighteen  thousand dollars of the retirement allowance otherwise
 payable, computed without optional modification  excluding  any  annuity
 derived  from voluntary contributions made by members, except those made
 pursuant to elections under subdivision  one  of  section  five  hundred
 eleven-a  or  paragraph  c  of subdivision three of section five hundred
 A. 6638                             4
 
 sixteen of this article. Any benefits received pursuant to this subdivi-
 sion shall be in lieu of any benefits received pursuant to section  five
 hundred  thirty-two  of this article, unless such benefits are in excess
 of  those provided by this section, in which case such benefits shall be
 paid by the retirement system pursuant to such provision.
   COMMENCING SEPTEMBER FIRST, TWO  THOUSAND  TWENTY-THREE,  ALL  RETIRED
 MEMBERS  WHO  HAVE  RETIRED  PRIOR TO THE CALENDAR YEAR NINETEEN HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION A OF THIS SECTION SHALL BE PAID  AN  ADJUSTED  BENEFIT  IN  MONTHLY
 INSTALLMENTS  ON  THE  BASIS  PROVIDED  FOR  IN  THIS  SUBDIVISION. SAID
 ADJUSTED BENEFIT SHALL BE EQUAL TO A PERCENTAGE OF THE CHANGE IN CONSUM-
 ER PRICE INDEX (ALL URBAN  CONSUMERS,  CPI-U,  U.S.  CITY  AVERAGE,  ALL
 ITEMS,  1982-84=100),  PUBLISHED  BY  THE  UNITED STATES BUREAU OF LABOR
 STATISTICS, MEASURED FROM THE YEAR OF RETIREMENT THROUGH  CALENDAR  YEAR
 NINETEEN HUNDRED NINETY-SEVEN ACCORDING TO THE FOLLOWING SCHEDULE:
       YEAR OF RETIREMENT                     PERCENTAGE
       1973 THROUGH 1996                          50%
       1971 AND 1972                              55%
       1970                                       60%
       1969                                       65%
       1968                                       70%
       1967                                       80%
       1966                                       90%
       PRIOR TO 1966                             100%
 
 SAID  ADJUSTED BENEFIT, COMMENCING SEPTEMBER FIRST, TWO THOUSAND TWENTY-
 THREE, SHALL BE COMPUTED ON A BASE BENEFIT AMOUNT NOT TO EXCEED EIGHTEEN
 THOUSAND DOLLARS OF THE RETIREMENT ALLOWANCE OTHERWISE PAYABLE, COMPUTED
 WITHOUT OPTIONAL MODIFICATION,  SET  FORTH  HEREIN  ABOVE.  ANY  BENEFIT
 RECEIVED  PURSUANT  TO  THIS SUBDIVISION SHALL BE IN LIEU OF ANY BENEFIT
 RECEIVED PURSUANT TO SECTION FIVE HUNDRED THIRTY-TWO  OF  THIS  ARTICLE,
 UNLESS SUCH BENEFITS ARE IN EXCESS OF THOSE PROVIDED BY THIS SECTION, IN
 WHICH CASE SUCH BENEFITS SHALL BE PAID BY THE RETIREMENT SYSTEM PURSUANT
 TO SUCH PROVISION.
   § 4. Subdivision f of section 13-696 of the administrative code of the
 city  of  New  York,  as  added  by  chapter 125 of the laws of 2000, is
 amended to read as follows:
   f. Commencing September first, two thousand, all retired  members  who
 have  retired  prior  to the calendar year nineteen hundred ninety-seven
 and who meet the eligibility criteria set forth in subdivision a of this
 section shall be paid an adjusted benefit in monthly installments on the
 basis provided for in this subdivision. Said adjusted benefit  shall  be
 equal  to  a percentage of the change in consumer price index (all urban
 consumers, CPI-U, U.S. city average, all items, 1982-84=100),  published
 by  the United States bureau of labor statistics, measured from the year
 of  retirement  through  calendar  year  nineteen  hundred  ninety-seven
 according to the following schedule:
       Year of retirement                     Percentage
       1968 through 1996                      50%
       1966 and 1967                          55%
       1965                                   60%
       1964                                   65%
       1963                                   70%
       1962                                   80%
       1961                                   90%
       prior to 1961                          100%
 A. 6638                             5
 
 Said  adjusted benefit shall be computed on a base benefit amount not to
 exceed eighteen thousand dollars of the annual fixed  retirement  allow-
 ance  otherwise  payable,  computed  without  optional modification. Any
 benefit received pursuant to this subdivision shall be in  lieu  of  any
 benefit received pursuant to chapter three hundred ninety of the laws of
 nineteen  hundred  ninety-eight,  and  any  preceding  provision  of law
 providing for supplementation.
   COMMENCING SEPTEMBER FIRST, TWO  THOUSAND  TWENTY-THREE,  ALL  RETIRED
 MEMBERS  WHO  HAVE  RETIRED  PRIOR TO THE CALENDAR YEAR NINETEEN HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION A OF THIS SECTION SHALL BE PAID  AN  ADJUSTED  BENEFIT  IN  MONTHLY
 INSTALLMENTS  ON  THE  BASIS  PROVIDED  FOR  IN  THIS  SUBDIVISION. SAID
 ADJUSTED BENEFIT SHALL BE EQUAL TO A PERCENTAGE OF THE CHANGE IN CONSUM-
 ER PRICE INDEX (ALL URBAN  CONSUMERS,  CPI-U,  U.S.  CITY  AVERAGE,  ALL
 ITEMS,  1982-84=100),  PUBLISHED  BY  THE  UNITED STATES BUREAU OF LABOR
 STATISTICS, MEASURED FROM THE YEAR OF RETIREMENT THROUGH  CALENDAR  YEAR
 NINETEEN HUNDRED NINETY-SEVEN ACCORDING TO THE FOLLOWING SCHEDULE:
       YEAR OF RETIREMENT                     PERCENTAGE
       1973 THROUGH 1996                      50%
       1971 AND 1972                          55%
       1970                                   60%
       1969                                   65%
       1968                                   70%
       1967                                   80%
       1966                                   90%
       PRIOR TO 1966                          100%
 SAID  ADJUSTED BENEFIT, COMMENCING SEPTEMBER FIRST, TWO THOUSAND TWENTY-
 THREE, SHALL BE COMPUTED ON THE BASE BENEFIT AMOUNT  OF  THE  RETIREMENT
 ALLOWANCE OTHERWISE PAYABLE, COMPUTED WITHOUT OPTIONAL MODIFICATION, SET
 FORTH  HEREIN  ABOVE.  ANY BENEFIT RECEIVED PURSUANT TO THIS SUBDIVISION
 SHALL BE IN LIEU OF ANY BENEFIT RECEIVED PURSUANT TO SECTION  13-695  OF
 THIS ARTICLE.
   § 5. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  provide an increase in the defined benefit cost-of-
 living adjustment (COLA) for New York public retirement systems.  Start-
 ing with a payment in September 2023, additional payments will  be  made
 for those members who retired after 1960 and prior to 1973.
   Insofar  as  this bill affects the New York State and Local Employees'
 Retirement System, pursuant to Section 25 of the Retirement  and  Social
 Security  Law,  the increased costs would be borne entirely by the State
 of New York and would require an itemized  appropriation  sufficient  to
 pay  the  cost  of the provision. If enacted during the 2023 legislative
 session, the increase in the present value of benefits would be approxi-
 mately $83,800. The cost including interest that would be billed to  the
 State of New York on March 1, 2024 is $93,500.
   Insofar  as  this bill affects the New York State and Local Police and
 Fire Retirement System (NYSLPFRS), the increased costs would  be  shared
 by  the  State  of  New  York  and  the  participating  employers in the
 NYSLPFRS.  If enacted during the 2023 legislative session, the  increase
 in  the  present  value of benefits would be approximately $337,000. The
 estimated first year cost would be $8,500 to the State of New  York  and
 $34,000  to  the  local  participating  employers in the NYSLPFRS in the
 fiscal year ending March 31, 2025.
   Summary of relevant resources:
 A. 6638                             6
 
   Membership data as of March 31, 2022 was used in measuring the  impact
 of the proposed change, the same data used in the April 1, 2022 actuari-
 al  valuation.  Distributions  and  other statistics can be found in the
 2022 Report of the Actuary and the 2022 Annual  Comprehensive  Financial
 Report.
   The  actuarial assumptions and methods used are described in the 2020,
 2021, and 2022 Annual Report to the  Comptroller  on  Actuarial  Assump-
 tions,  and  the  Codes, Rules and Regulations of the State of New York:
 Audit and Control.
   The Market Assets and GASB Disclosures are found in the March 31, 2022
 New York State and Local  Retirement  System  Financial  Statements  and
 Supplementary Information.
   I am a member of the American Academy of Actuaries and meet the Quali-
 fication Standards to render the actuarial opinion contained herein.
   This  fiscal note does not constitute a legal opinion on the viability
 of the proposed change nor is it intended to serve as a  substitute  for
 the professional judgment of an attorney.
   This  estimate, dated March 31, 2023, and intended for use only during
 the 2023 Legislative Session, is Fiscal Note No. 2023-110,  prepared  by
 the Actuary for the New York State and Local Retirement System.

co-Sponsors

2023-A6638A (ACTIVE) - Details

See Senate Version of this Bill:: S6252
Current Committee:: Assembly Governmental Employees
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§78-a & 378-a, R & SS L; amd §532-a, Ed L; amd §13-696, NYC Ad Cd
Versions Introduced in 2021-2022 Legislative Session:: A9994, S6060

2023-A6638A (ACTIVE) - Summary

2023-A6638A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6638--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 25, 2023
                                ___________
 
 Introduced  by  M. of A. PHEFFER AMATO, KELLES -- read once and referred
   to the Committee on  Governmental  Employees  --  recommitted  to  the
   Committee  on  Governmental Employees in accordance with Assembly Rule
   3, sec. 2 -- committee discharged, bill amended, ordered reprinted  as
   amended and recommitted to said committee

 AN  ACT  to  amend the retirement and social security law, the education
   law and the administrative code of the city of New York,  in  relation
   to providing cost-of-living adjustments
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision f of section 78-a of the retirement and  social
 security law, as added by chapter 125 of the laws of 2000, is amended to
 read as follows:
   f.  Commencing  September first, two thousand, all retired members who
 have retired prior to the calendar year  nineteen  hundred  ninety-seven
 and who meet the eligibility criteria set forth in subdivision a of this
 section shall be paid an adjusted benefit in monthly installments on the
 basis  provided  for in this subdivision. Said adjusted benefit shall be
 equal to a percentage of the change in consumer price index  (all  urban
 consumers,  CPI-U, U.S. city average, all items, 1982-84=100), published
 by the United States bureau of labor statistics, measured from the  year
 of  retirement  through  calendar  year  nineteen  hundred  ninety-seven
 according to the following schedule:
 
       Year of retirement                     Percentage
       1968 through 1996                      50%
       1966 and 1967                          55%
       1965                                   60%
       1964                                   65%
       1963                                   70%
       1962                                   80%
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08541-05-4

 A. 6638--A                          2
 
       1961                                   90%
       prior to 1961                          100%
 Said  adjusted benefit shall be computed on a base benefit amount not to
 exceed eighteen thousand dollars of the retirement  allowance  otherwise
 payable,  computed  without  optional modification. Any benefit received
 pursuant to this subdivision shall be in lieu of  any  benefit  received
 pursuant to section seventy-eight of this title.
   COMMENCING  SEPTEMBER  FIRST,  TWO  THOUSAND  TWENTY-FOUR, ALL RETIRED
 MEMBERS WHO HAVE RETIRED PRIOR TO THE  CALENDAR  YEAR  NINETEEN  HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION  A  OF  THIS  SECTION  SHALL BE PAID AN ADJUSTED BENEFIT IN MONTHLY
 INSTALLMENTS ON  THE  BASIS  PROVIDED  FOR  IN  THIS  SUBDIVISION.  SAID
 ADJUSTED BENEFIT SHALL BE EQUAL TO A PERCENTAGE OF THE CHANGE IN CONSUM-
 ER  PRICE  INDEX  (ALL  URBAN  CONSUMERS,  CPI-U, U.S. CITY AVERAGE, ALL
 ITEMS, 1982-84=100), PUBLISHED BY THE  UNITED  STATES  BUREAU  OF  LABOR
 STATISTICS,  MEASURED  FROM THE YEAR OF RETIREMENT THROUGH CALENDAR YEAR
 NINETEEN HUNDRED NINETY-SEVEN ACCORDING TO THE FOLLOWING SCHEDULE:
 
       YEAR OF RETIREMENT                     PERCENTAGE
       1973 THROUGH 1996                      50%
       1971 AND 1972                          55%
       1970                                   60%
       1969                                   65%
       1968                                   70%
       1967                                   80%
       1966                                   90%
       PRIOR TO 1966                          100%
 SAID ADJUSTED BENEFIT COMMENCING SEPTEMBER FIRST, TWO  THOUSAND  TWENTY-
 FOUR,  SHALL  BE  COMPUTED  ON THE BASE BENEFIT AMOUNT OF THE RETIREMENT
 ALLOWANCE OTHERWISE PAYABLE, COMPUTED WITHOUT OPTIONAL MODIFICATION, SET
 FORTH HEREIN ABOVE. ANY BENEFIT RECEIVED PURSUANT  TO  THIS  SUBDIVISION
 SHALL  BE  IN  LIEU OF ANY BENEFIT RECEIVED PURSUANT TO SECTION SEVENTY-
 EIGHT OF THIS TITLE.
   § 2. Subdivision f of section 378-a of the retirement and social secu-
 rity law, as added by chapter 125 of the laws of  2000,  is  amended  to
 read as follows:
   f.  Commencing  September first, two thousand, all retired members who
 have retired prior to the calendar year  nineteen  hundred  ninety-seven
 and who meet the eligibility criteria set forth in subdivision a of this
 section shall be paid an adjusted benefit in monthly installments on the
 basis  provided  for in this subdivision. Said adjusted benefit shall be
 equal to a percentage of the change in consumer price index  (all  urban
 consumers,  CPI-U, U.S. city average, all items, 1982-84=100), published
 by the United States bureau of labor statistics, measured from the  year
 of  retirement  through  calendar  year  nineteen  hundred  ninety-seven
 according to the following schedule:
 
       Year of retirement                     Percentage
       1968 through 1996                      50%
       1966 and 1967                          55%
       1965                                   60%
       1964                                   65%
       1963                                   70%
       1962                                   80%
       1961                                   90%
       prior to 1961                          100%
 A. 6638--A                          3
 
 Said adjusted benefit shall be computed on a base benefit amount not  to
 exceed  eighteen  thousand dollars of the retirement allowance otherwise
 payable, computed without optional modification.  Any  benefit  received
 pursuant  to  this  subdivision shall be in lieu of any benefit received
 pursuant to section three hundred seventy-eight of this title.
   COMMENCING  SEPTEMBER  FIRST,  TWO  THOUSAND  TWENTY-FOUR, ALL RETIRED
 MEMBERS WHO HAVE RETIRED PRIOR TO THE  CALENDAR  YEAR  NINETEEN  HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION  A  OF  THIS  SECTION  SHALL BE PAID AN ADJUSTED BENEFIT IN MONTHLY
 INSTALLMENTS ON  THE  BASIS  PROVIDED  FOR  IN  THIS  SUBDIVISION.  SAID
 ADJUSTED BENEFIT SHALL BE EQUAL TO A PERCENTAGE OF THE CHANGE IN CONSUM-
 ER  PRICE  INDEX  (ALL  URBAN  CONSUMERS,  CPI-U, U.S. CITY AVERAGE, ALL
 ITEMS, 1982-84=100), PUBLISHED BY THE  UNITED  STATES  BUREAU  OF  LABOR
 STATISTICS,  MEASURED  FROM THE YEAR OF RETIREMENT THROUGH CALENDAR YEAR
 NINETEEN HUNDRED NINETY-SEVEN ACCORDING TO THE FOLLOWING SCHEDULE:
       YEAR OF RETIREMENT                     PERCENTAGE
       1973 THROUGH 1996                          50%
       1971 AND 1972                              55%
       1970                                       60%
       1969                                       65%
       1968                                       70%
       1967                                       80%
       1966                                       90%
       PRIOR TO 1966                             100%
 
 SAID ADJUSTED BENEFIT COMMENCING SEPTEMBER FIRST, TWO  THOUSAND  TWENTY-
 FOUR,  SHALL  BE  COMPUTED  ON THE BASE BENEFIT AMOUNT OF THE RETIREMENT
 ALLOWANCE OTHERWISE PAYABLE, COMPUTED WITHOUT OPTIONAL MODIFICATION, SET
 FORTH HEREIN ABOVE. ANY BENEFIT RECEIVED PURSUANT  TO  THIS  SUBDIVISION
 SHALL  BE  IN  LIEU  OF  ANY  BENEFIT RECEIVED PURSUANT TO SECTION THREE
 HUNDRED SEVENTY-EIGHT OF THIS TITLE.
   § 3. Subdivision f of section 532-a of the education law, as added  by
 chapter 125 of the laws of 2000, is amended to read as follows:
   f.  Commencing  September first, two thousand, all retired members who
 have retired prior to the calendar year  nineteen  hundred  ninety-seven
 and who meet the eligibility criteria set forth in subdivision a of this
 section shall be paid an adjusted benefit in monthly installments on the
 basis  provided  for in this subdivision. Said adjusted benefit shall be
 equal to a percentage of the change in consumer price index  (all  urban
 consumers,  CPI-U, U.S. city average, all items, 1982-84=100), published
 by the United States bureau of labor statistics, measured from the  year
 of  retirement  through  calendar  year  nineteen  hundred  ninety-seven
 according to the following schedule:
       Year of retirement                     Percentage
       1968 through 1996                      50%
       1966 and 1967                          55%
       1965                                   60%
       1964                                   65%
       1963                                   70%
       1962                                   80%
       1961                                   90%
       prior to 1961                          100%
 Said adjusted benefit shall be computed on a base benefit amount not  to
 exceed  eighteen  thousand dollars of the retirement allowance otherwise
 payable, computed without optional modification  excluding  any  annuity
 derived  from voluntary contributions made by members, except those made
 A. 6638--A                          4
 
 pursuant to elections under subdivision  one  of  section  five  hundred
 eleven-a  or  paragraph  c  of subdivision three of section five hundred
 sixteen of this article. Any benefits received pursuant to this subdivi-
 sion  shall be in lieu of any benefits received pursuant to section five
 hundred thirty-two of this article, unless such benefits are  in  excess
 of  those provided by this section, in which case such benefits shall be
 paid by the retirement system pursuant to such provision.
   COMMENCING SEPTEMBER FIRST,  TWO  THOUSAND  TWENTY-FOUR,  ALL  RETIRED
 MEMBERS  WHO  HAVE  RETIRED  PRIOR TO THE CALENDAR YEAR NINETEEN HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION A OF THIS SECTION SHALL BE PAID  AN  ADJUSTED  BENEFIT  IN  MONTHLY
 INSTALLMENTS  ON  THE  BASIS  PROVIDED  FOR  IN  THIS  SUBDIVISION. SAID
 ADJUSTED BENEFIT SHALL BE EQUAL TO A PERCENTAGE OF THE CHANGE IN CONSUM-
 ER PRICE INDEX (ALL URBAN  CONSUMERS,  CPI-U,  U.S.  CITY  AVERAGE,  ALL
 ITEMS,  1982-84=100),  PUBLISHED  BY  THE  UNITED STATES BUREAU OF LABOR
 STATISTICS, MEASURED FROM THE YEAR OF RETIREMENT THROUGH  CALENDAR  YEAR
 NINETEEN HUNDRED NINETY-SEVEN ACCORDING TO THE FOLLOWING SCHEDULE:
       YEAR OF RETIREMENT                     PERCENTAGE
       1973 THROUGH 1996                          50%
       1971 AND 1972                              55%
       1970                                       60%
       1969                                       65%
       1968                                       70%
       1967                                       80%
       1966                                       90%
       PRIOR TO 1966                             100%
 
 SAID  ADJUSTED BENEFIT, COMMENCING SEPTEMBER FIRST, TWO THOUSAND TWENTY-
 FOUR, SHALL BE COMPUTED ON A BASE BENEFIT AMOUNT NOT TO EXCEED  EIGHTEEN
 THOUSAND DOLLARS OF THE RETIREMENT ALLOWANCE OTHERWISE PAYABLE, COMPUTED
 WITHOUT  OPTIONAL  MODIFICATION,  SET  FORTH  HEREIN  ABOVE. ANY BENEFIT
 RECEIVED PURSUANT TO THIS SUBDIVISION SHALL BE IN LIEU  OF  ANY  BENEFIT
 RECEIVED  PURSUANT  TO  SECTION FIVE HUNDRED THIRTY-TWO OF THIS ARTICLE,
 UNLESS SUCH BENEFITS ARE IN EXCESS OF THOSE PROVIDED BY THIS SECTION, IN
 WHICH CASE SUCH BENEFITS SHALL BE PAID BY THE RETIREMENT SYSTEM PURSUANT
 TO SUCH PROVISION.
   § 4. Subdivision f of section 13-696 of the administrative code of the
 city of New York, as added by chapter  125  of  the  laws  of  2000,  is
 amended to read as follows:
   f.  Commencing  September first, two thousand, all retired members who
 have retired prior to the calendar year  nineteen  hundred  ninety-seven
 and who meet the eligibility criteria set forth in subdivision a of this
 section shall be paid an adjusted benefit in monthly installments on the
 basis  provided  for in this subdivision. Said adjusted benefit shall be
 equal to a percentage of the change in consumer price index  (all  urban
 consumers,  CPI-U, U.S. city average, all items, 1982-84=100), published
 by the United States bureau of labor statistics, measured from the  year
 of  retirement  through  calendar  year  nineteen  hundred  ninety-seven
 according to the following schedule:
       Year of retirement                     Percentage
       1968 through 1996                      50%
       1966 and 1967                          55%
       1965                                   60%
       1964                                   65%
       1963                                   70%
       1962                                   80%
 A. 6638--A                          5
 
       1961                                   90%
       prior to 1961                          100%
 Said  adjusted benefit shall be computed on a base benefit amount not to
 exceed eighteen thousand dollars of the annual fixed  retirement  allow-
 ance  otherwise  payable,  computed  without  optional modification. Any
 benefit received pursuant to this subdivision shall be in  lieu  of  any
 benefit received pursuant to chapter three hundred ninety of the laws of
 nineteen  hundred  ninety-eight,  and  any  preceding  provision  of law
 providing for supplementation.
   COMMENCING SEPTEMBER FIRST,  TWO  THOUSAND  TWENTY-FOUR,  ALL  RETIRED
 MEMBERS  WHO  HAVE  RETIRED  PRIOR TO THE CALENDAR YEAR NINETEEN HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION A OF THIS SECTION SHALL BE PAID  AN  ADJUSTED  BENEFIT  IN  MONTHLY
 INSTALLMENTS  ON  THE  BASIS  PROVIDED  FOR  IN  THIS  SUBDIVISION. SAID
 ADJUSTED BENEFIT SHALL BE EQUAL TO A PERCENTAGE OF THE CHANGE IN CONSUM-
 ER PRICE INDEX (ALL URBAN  CONSUMERS,  CPI-U,  U.S.  CITY  AVERAGE,  ALL
 ITEMS,  1982-84=100),  PUBLISHED  BY  THE  UNITED STATES BUREAU OF LABOR
 STATISTICS, MEASURED FROM THE YEAR OF RETIREMENT THROUGH  CALENDAR  YEAR
 NINETEEN HUNDRED NINETY-SEVEN ACCORDING TO THE FOLLOWING SCHEDULE:
       YEAR OF RETIREMENT                     PERCENTAGE
       1973 THROUGH 1996                      50%
       1971 AND 1972                          55%
       1970                                   60%
       1969                                   65%
       1968                                   70%
       1967                                   80%
       1966                                   90%
       PRIOR TO 1966                          100%
 SAID  ADJUSTED BENEFIT, COMMENCING SEPTEMBER FIRST, TWO THOUSAND TWENTY-
 FOUR, SHALL BE COMPUTED ON THE BASE BENEFIT  AMOUNT  OF  THE  RETIREMENT
 ALLOWANCE OTHERWISE PAYABLE, COMPUTED WITHOUT OPTIONAL MODIFICATION, SET
 FORTH  HEREIN  ABOVE.  ANY BENEFIT RECEIVED PURSUANT TO THIS SUBDIVISION
 SHALL BE IN LIEU OF ANY BENEFIT RECEIVED PURSUANT TO SECTION  13-695  OF
 THIS ARTICLE.
   § 5. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  provide an increase in the defined benefit cost-of-
 living adjustment (COLA) for New York public retirement systems.  Start-
 ing with a payment in September 2024, additional payments will  be  made
 for those members who retired after 1960 and prior to 1973.
   Insofar  as  this bill affects the New York State and Local Employees'
 Retirement System (NYSLERS), pursuant to Section 25  of  the  Retirement
 and  Social Security Law, the increased costs would be borne entirely by
 the State of New York and would require an itemized appropriation suffi-
 cient to pay the cost of the provision. If this bill were enacted during
 the 2024 Legislative Session, the increase in the present value of bene-
 fits would be approximately $171,000. To fund these costs, the State  of
 New  York  will  be  required to pay $191,000 (including interest) as of
 March 1, 2025.
   Insofar as this bill affects the New York State and Local  Police  and
 Fire  Retirement  System (NYSLPFRS), the increased costs would be shared
 by the State of New York and the local participating  employers  in  the
 NYSLPFRS. If this bill were enacted during the 2024 Legislative Session,
 the  increase  in  the  present value of benefits would be approximately
 $232,000.
 A. 6638--A                          6
 
      NYSLPFRS       Increase in present  Increase in required
                       value benefits       contributions
      Tiers 1-5           $232,000            $111,000
      Tier 6                $0                $121,000
      Total               $232,000            $232,000
 
   In the NYSLPFRS, this benefit improvement will be funded by increasing
 the  billing  rates  charged  annually  to  cover both retrospective and
 prospective benefit increases. The annual contribution required  of  all
 participating employers in the NYSLPFRS would be approximately $4,300 to
 the State of New York and approximately $18,000 to the local participat-
 ing  employers  in the fiscal year ending March 31, 2025. This permanent
 annual cost will vary in subsequent billing cycles with changes  in  the
 billing rate and salary of the affected members.
   These  estimated  costs  are based on 42 retirees and beneficiaries in
 the NYSLERS and 41 pin the NYSLPFRS as of March 31, 2023.
   Summary of relevant resources:
   Membership data as of March 31, 2023 was used in measuring the  impact
 of the proposed change, the same data used in the April 1, 2023 actuari-
 al  valuation.  Distributions  and  other statistics can be found in the
 2023 Report of the Actuary and the 2023 Annual  Comprehensive  Financial
 Report.
   The  actuarial  assumptions and methods used are described in the 2023
 Annual Report to the  Comptroller  on  Actuarial  Assumptions,  and  the
 Codes,  Rules  and  Regulations  of  the  State  of  New York: Audit and
 Control.
   The Market Assets and GASB Disclosures are found in the March 31, 2023
 New York State and Local  Retirement  System  Financial  Statements  and
 Supplementary Information.
   I am a member of the American Academy of Actuaries and meet the Quali-
 fication Standards to render the actuarial opinion contained herein.
   This  fiscal note does not constitute a legal opinion on the viability
 of the proposed change nor is it intended to serve as a  substitute  for
 the professional judgment of an attorney.
   This  estimate,  dated  January  31,  2024,  and intended for use only
 during the  2024  Legislative  Session,  is  Fiscal  Note  No.  2024-44,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.

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Assembly Bill A6638A

Sponsored By

Current Bill Status - In Assembly Committee

Bill Amendments

co-Sponsors

2023-A6638 - Details

2023-A6638 - Summary

2023-A6638 - Bill Text download pdf

co-Sponsors

2023-A6638A (ACTIVE) - Details

2023-A6638A (ACTIVE) - Summary

2023-A6638A (ACTIVE) - Bill Text download pdf

Comments

Assembly Bill A6638A

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Sponsored By

PHEFFER AMATO

Current Bill Status - In Assembly Committee

Bill Amendments

co-Sponsors

Anna Kelles

2023-A6638 - Details

2023-A6638 - Summary

2023-A6638 - Bill Text download pdf

co-Sponsors

Anna Kelles

Jaime R. Williams

2023-A6638A (ACTIVE) - Details

2023-A6638A (ACTIVE) - Summary

2023-A6638A (ACTIVE) - Bill Text download pdf

Comments